Al Sharpton still owes millions in taxes but seems to live a charmed life, in and out of the White House. Even Politico asked outgoing Attorney General Eric Holder if Sharpton wasn't too close. Heck no.

Debt represents a promise or obligation to pay for something that has already been received, as a credit.

An example that will be understood by most people today is credit card debt. The credit card company pays for something, such as a shiny new PS3 console, allowing you to take it home without having paid for it yourself. In return, you assume an obligation to pay back the credit card company under the terms of your previously arranged agreement with that credit card company. FlexCredit

It is common for consumers, businesses and even governments to assume debt.
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